John Kevin Stitt

The committee reviewed and approved the Commercial Real Estate Valuation report, noting that valuation practices and internal controls were sound while highlighting potential enhancements in standardization and staffing. An update was provided on the ongoing audit of the internal property database application, which aims to verify records accuracy through field testing. Additionally, the committee discussed necessary revisions to the Internal Audit Charter to ensure compliance with the 2025 Global Internal Audit Standards, with a draft planned for a future meeting.

The committee meeting agenda includes a presentation on portfolio performance reports, a request for approval of fiscal year 2027 operational, leasing, management fee, and capital budgets for various commercial investment properties, and educational sessions regarding sovereign wealth fund peer universes and fixed income securitized investments. Additionally, the agenda covers agency updates and any new business items.

The Commissioners discussed several key administrative and operational items. The Secretary highlighted successful IT security audits, progress on residential lot ownership at Shawnee Lakes, and strong performance in the quarterly mineral lease auction. The Chief Internal Auditor reported on the status of the Commercial Real Estate Valuation Internal Audit and upcoming audit projects. The Commission authorized the sale of real estate in Yukon and Elgin by auction, approved the sale of property at 178th & May, and granted an extension for the appraised value of the latter. Additionally, the Commissioners issued multiple continuous easements for highway projects to the Oklahoma Department of Transportation, approved a contract increase for Microsoft AI tools, adopted new rules regarding improvement transfer procedures, and reviewed January and February financial reports and division activities.

The meeting included an overview of the investment portfolio performance, which showed positive returns despite market volatility, and a discussion on the portfolio's conservative, income-oriented strategy. The committee approved the appraised value and auction authorization for a commercial real estate property. Additionally, the committee reviewed the annual asset allocation, received an educational overview of private equity and private credit investment strategies, and discussed the 'Invest in Oklahoma' program. Finally, agency updates were provided regarding educational distributions and the renewal of the investment consultant contract.

The board meeting agenda included several key items such as presentations on the investment portfolio's quarterly performance and real estate investment reports. The commissioners considered and took potential action on the appraisal of land for sale or exchange in Cleveland and Pottawatomie counties, as well as the issuance of multiple continuous easements for highway purposes in Beaver, Grant, and Kay counties. Additional agenda items covered the approval of various investment manager contracts for the upcoming fiscal year, the authorization of professional service contracts with various law firms, and the review of the division summary of activities. Furthermore, the board planned an executive session to discuss the pending legal claim of Sawatzky v. CLO.